A new accountant at Sage Hill Inc. is trying to identify which of the amounts...
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A new accountant at Sage Hill Inc. is trying to identify which of the amounts shown below should be reported as the current asset Cash and cash equivalents in the year-end balance sheet, as of April 30, 2017.
| 1. | $80 of currency and coin in a locked box used for incidental cash transactions. | |
| 2. | A $11,600 U.S. Treasury bill, due May 31, 2017. | |
| 3. | $325 of April-dated checks that Sage Hill has received from customers but not yet deposited. | |
| 4. | An $80 check received from a customer in payment of its April account, but postdated to May 1. | |
| 5. | $4,320 in the companys checking account. | |
| 6. | $7,070 in its savings account. | |
| 7. | $52 of prepaid postage in its postage meter. | |
| 8. | A $50 IOU from the company receptionist. |
(a) What balance should Sage Hill report as its Cash and cash equivalents balance at April 30, 2017?
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